Michele Bachmann wants to stop the bailout spending and hang onto remaining $350B

Rep. Michele Bachmann wants Congress to hang onto the $350 billion of the bailout package that hasn’t already been spent. She’s a co-sponsor of a joint resolution of disapproval, H.J.RES 101.

“Taxpayer bailout after taxpayer bailout has yet to provide the promised stability to the markets. The American people were sold a false bill of goods. They’ve been watching their hard-earned tax dollars and their children’s future spent to shore up banks and financial institutions with no positive impact on their family’s economic well-being,” she said.

Under the terms of the legislation passed in October, the U.S. Treasury immediately could spend up to $350 billion of the total $700 billion allocated in the Wall Street bailout law. Most of that has been spent.

Congress has the authority, however, to withhold the remaining $350 billion, she said.

In recent days, the Treasury inspector general has noted the failure to execute the oversight provisions of the bailout bill, she said, noting that Treasury Secretary Henry Paulson has changed the plan for use of funds several times, and that the market has failed to respond favorably thus far to the efforts.

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Comments (4)

  1. Submitted by Jeff Kline on 11/24/2008 - 12:36 pm.

    I agree here. All you are seeing is the soup line effect–all these company heads coming looking for a free hand out. Can’t you folks see or take the cue from General Motors and the others who come up and use their company private jets. Theres the one company head that would NOT take a $1 a week for his earnings where the others would. Talk about greed. And add to this, there are more coming forward looking for handouts threatening to lay off their employees and fold. Sheesh. It’s the same old song.

  2. Submitted by steven gray on 11/24/2008 - 12:49 pm.

    I’m not a fan of the bailouts, but if Bachmann says they’re bad, then that’s about the best argument FOR them that I’ve heard so far! Good thing no one listens to her any more.

  3. Submitted by Vonya Ereye on 11/25/2008 - 10:40 am.

    It’s time for the government to stop rewarding failure.

    The free market punishes failure, which is critical to allow the successful companies to rise and the losers to fail. This creates prosperity.

    Quit trying to manipulate it and bailout your loser friends.

    Take your medicine, get out of the way and let the losers fail so the winners can get on with taking us out of this economic mess. It’s the only way.

  4. Submitted by myles spicer on 12/11/2008 - 01:10 pm.

    This woman knows nothing. How she got elected is a dsigrace to our state.

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